-Expedited sampling of phosphate for testing on medical marijuana grow operations
-Alliance to jointly develop specialized agricultural/fertilizer uses for rock phosphate
TORONTO, CANADA / ACCESSWIRE / April 30, 2014 / JOURDAN RESOURCES INC. (TSX-V: JOR) ("JOURDAN") (www.jourdan.ca) and SATORI RESOURCES INC. (TSX-V:BUD) ("SATORI") (www.satoriresources.ca); (together with Jourdan and Satori, the ("Parties")) are pleased to announce that they intend to form a Strategic Alliance and that they have signed a letter of intent for Satori to option ("Option") a 50% interest Jourdan's Picnic Phosphate Property. Satori will, among other things, issue 500,000 shares of Satori to Jourdan, and will complete a private placement ("Private Placement") in Jourdan for gross proceeds of $25,000. An exploration program related to the sampling, exploitation, and exploration of phosphate rock, and transportation of mineral product from same, to testing labs for evaluation and suitability for fertilizer, particularly as it relates to growing marijuana for licenced medical marijuana entities shall be commenced shortly.
"Satori believes that rock phosphate minerals will have a growing place in specialized agricultural operations and in the fertilizer industry overall. With expanding worldwide demand for phosphates, an essential nutrient for both plants and animals, it is prudent to have domestic sources of supply." states Jennifer Boyle, President and CEO of Satori. "Further, as Satori continues to review opportunities in the marketplace, it is clear that a transaction of this nature can be a great fit into the Company's future plans", she added.
Michael Dehn, President and CEO of Jourdan, added: "Our partnership with Satori will allow the Picnic Phosphate Property to have a rapid exploration program on a site that has been previously only explored for nickel and copper and demonstrates true potential for phosphate mineralization. Satori has a very aggressive team ready to help move the project forward, and together with Jourdan's skilled technical team, we should know in short order the true potential of the Picnic Property.".
In order for Satori to earn a 50% interest in the Picnic Phosphate Property, it shall, in addition to above, incur an additional $75,000 in exploration expenditures prior to the first anniversary of the Option, and an additional $525,000 in exploration expenditures prior to the end of the third anniversary of the Option. Additionally, it shall issue to Jourdan 500,000 shares prior to the second anniversary of the Option (subject to a maximum value of $75,000 as determined by the 20-day VWAP of Satori).
The $25,000 Private Placement by Satori in Jordan shall be comprised of Units, at a price of $.05 per Unit. Each Unit shall be comprised of one common share of Jourdan and one full purchase warrant of Jourdan exerciseable at a price of $0.10 for one year.
As part of this Option, Jourdan and Satori have agreed to further negotiate terms of a one year strategic alliance, whereby it is contemplated that Satori shall source additional licensed marijuana growers to test Jourdan's (including the Joint Venture's) phosphate products as it relates to a growth media and slow release natural release fertilizer conducive for growing marijuana in legal forums (and other products), and any proceeds from same shall be shared equally unless otherwise agreed to in writing.
Upon completion of the Option terms, Satori and Jourdan shall form a joint venture ("JV) pursuant to which each shall be responsible for its pro rata 50% share of expenditures.
Any newly acquired mineral rights by either party, directly or indirectly, within 5 kilometres of the Picnic Property shall become subject to the Option and the JV.
The terms and conditions set out above shall be subject to Satori and Jourdan obtaining final approval from the TSX Venture Exchange.
For more information on the Picnic Property, please see the press release issued by Jourdan on April 17, 2014 that can be found at http://www.jourdan.ca/uploads/200.pdf.
About Satori Resources Inc.
Satori is a Toronto-based mineral exploration and development company whose primary property is the Tartan Lake Gold Mine Project (100% interest), located in the prolific Flin Flon Greenstone Belt, Manitoba. The Company is currently considering transactions in respect of the Tartan Lake Gold Mine, in addition to evaluating new project opportunities, both within the mining sector and others.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company focused on phosphate. We continually strive to maximize shareholder value by targeting the highest quality phosphate projects with a professional and highly experienced management team. Our approach combines creativity, experience, and technical expertise with tenacity and determination to advance existing projects while always being prepared to take advantage of new opportunities that can add value for our shareholders. We are committed to conducting ourselves in an open, professional, and responsible manner, while always remaining available to all shareholders. Our goal is to become the dominant phosphate miner in North America.
Please visit the Company's website at www.jourdan.ca
For further information please contact:
Michael Dehn Glen Wylie, CMA
President and CEO, Jourdan Resources Inc.CFO, Jourdan Resources Inc.
Tel: (647) 477-2382 Tel: (647) 477-3758
Fax: (647) 477-2389 Fax: (647) 477-2389
Jennifer Boyle, B.A., LL.B
President and CEO, Satori Resources Inc.
Tel: (647) 430.0966
Cell: (416) 904.2714
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, may constitute forward-looking information (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited to, resource estimates, capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to, access to capital markets and other sources of financing and associated cost of funds, final receipt of any required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime, the ultimate ability to execute business plans on economically favourable terms and those material factors and assumptions disclosed in other public filings of Jourdan Resources.
While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to, risks and uncertainties disclosed in other public Jourdan Resources filings, changes in general economic, market and business conditions, competition for, among other things, capital and skilled personnel, and other unforeseen events or circumstances, that may cause the actual financial results, performance or achievements of the Company to be materially different from estimated future results, performance or achievements expressed or implied by the forward-looking statements. Copies of the Company's public filings under applicable Canadian securities laws are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings. Other than as required by law, Jourdan Resources does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
SOURCE: Satori Resources Inc.